Dr Reddy's completes fondaparinux intellectual property purchase

Indian drugmaker Dr Reddy's Laboratories (NYSE: RDY) has completed the purchase of worldwide exclusive intellectual property rights for fondaparinux sodium, its generic anti-coagulant drug, from its Australian partner Alchemia (ASX: ACL).

Dr Reddy’s previously signed a term sheet for this transaction in September 2015. Alchemia’s injectable fondaparinux formulation is a bioequivalent generic version of UK pharma giant GlaxoSmithKline’s (LSE) GSK) Arixtra.

Alchemia’s shareholders approved the sale of fondaparinux at the company’s annual general meeting held on November 10, post which Dr Reddy’s and Alchemia have executed a purchase and sale agreement, together with various patent assignment deeds. Alchemia has received $17.5 million from Dr Reddy’s as consideration for the sale. The agreement is effective July 2015.